PNA SLASHES JOBS

Written on the 14 January 2015

PNA SLASHES JOBS PANAUST Limited (ASX: PNA) will cut down its workforce by almost five per cent, resulting in the job losses of 182 employees, with plans to continue on a redundancy streak.

The loss of 182 employees will pass down an annual operating cost reduction of approximately US$15.5 million.

Further to this, staff reductions are expected to occur during the course of the year due to a number of employment contracts expiring and natural attrition rates.

These decisions are the outcome of a recently implemented PNA business efficiency review.

PNA managing director Fred Hess says these decisions will ensure appropriate resourcing for sustainable operations into the future.

"The company is now in an even stronger position to meet the challenges associated with a weaker commodity price environment with all-in sustaining costs at our operations allowing for healthy margins at prevailing prices," says Hess.

"It is always a difficult decision to reduce staff numbers [but] by focusing on improving efficiencies we will maximise the value of our existing operations through enhanced margins and cash flow generation.

"Annual copper in concentrate production at Phu Kham is scheduled to increase by approximately 30 per cent over the next several years with no further project capital required, while the Frieda River Project is expected to sustain PanAust's copper business well beyond the next decade."

PNA's share price was down 8.9 per cent following the announcement at $1.32 per share.



Latest News

CHARTER HALL SNAPS UP SALAMANDER BAY CENTRE FOR $174M

RETAIL investment trust Charter Hall (ASX: CQR) has purchased the regional Salamander Bay Centre in New South Wales f...

$12 MILLION OFFICE SALE UNDERPINS MILTON REVIVAL

ONE of Milton's well known office buildings has sold for $12.88 million, supporting the resurgence of the popular...

ONE OF AUSTRALIA'S 'DOPE HOPES' MOVES CLOSER TO IPO

QUEENSLAND Bauxite (ASX: QBL) is planning an independent ASX listing for its majority-owned cannabis producer, with Q...

AFTERPAY GOES TRANS-TASMAN WITH TRADE ME DEAL IN NEW ZEALAND

AFTERPAY Holdings Ltd (ASX: AFY) has entered into an agreement with New Zealand trading site Trade Me Group Ltd (A...

Related News

AFTERPAY GOES TRANS-TASMAN WITH TRADE ME DEAL IN NEW ZEALAND

AFTERPAY Holdings Ltd (ASX: AFY) has entered into an agreement with New Zealand trading site Trade Me Group Ltd (A...

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

SLATER AND GORDON TAKES SPOTLESS TO COURT

SPOTLESS Group (ASX: SPO) has been hit by a class action launched by Slater and Gordon (ASX: SGH) in the Federal C...

TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP has become the latest in a string of retailers blasted by the volatile retail market, as the iconic fashio...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter